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You can skim off the mold which will float when making bubble, I guess it's worth it if you've got a lot of moldy buds or if you're desperate for some smoke.
Solvents like acetone, butane, etc are also said to kill off the mold making the hash safe to consume. I don't know if solvent hash is safe to consume though.
While I wouldn't smoke moldy hash directly, I'm fairly certain that bother water or solvent extractions would remove most of the mold. Anything left over would most certainly be killed when the lighter hit as well.
Not the best stuff to smoke, wouldn't consider it life threatening though.